TCRLA_Public/150526.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

            Tuesday, May 26, 2015, Vol. 16, No. 102



BERMUDA COMMERCIAL: Moody's Affirms LT Deposit Rating at Ba2


BRAZIL: Deeper Contraction Sinks Lenders as Petrobras Advances
CENTRAIS ELETRICAS: Moody's Downgrades FC Issuer Rating to Ba1
PARANA: S&P Affirms Then Withdraws 'BB+' Global Scale ICR
TUPY S.A.: S&P Affirms 'BB-' CCR; Outlook Remains Stable

C A Y M A N  I S L A N D S

ABY HOLDING: Shareholders' Final Meeting Set for June 3
AURORA MACRO: Shareholders' Final Meeting Set for June 3
BASELL CAYMAN: Shareholders' Final Meeting Set for June 8
COLUMBUS PARK: Shareholder to Hear Wind-Up Report on June 19
CONCORDE INVESTMENT: Shareholder to Hear Wind-Up Report on June 19

EATON VANCE CIA: Shareholders' Final Meeting Set for June 3
EATON VANCE EVG: Shareholders' Final Meeting Set for June 3
EATON VANCE IIP: Shareholders' Final Meeting Set for June 3
NEWCAP INSURANCE: Shareholder to Hear Wind-Up Report on June 1
OVERSEAS MACHINERY: Sole Member to Hear Wind-Up Report on June 11


PACIFIC RUBIALES: Accepts Takeover Offer by Mexico's Alfa


CEMEX SAB: To Exchange US$626MM 2016 Notes for Newly Issued Notes
HOMEX SAB: Gets Disbursements from Banco Santander & Adamantine
* MEXICO: Growth Meets Forecasts on Domestic Spending Strength


PANAMA CASINO: Places Collateral for Sale on May 28

P U E R T O    R I C O

PUERTO RICO: Moody's Cuts GDB Notes to Ca; GO Bonds to Caa2


* Large Companies With Insolvent Balance Sheets

                            - - - - -


BERMUDA COMMERCIAL: Moody's Affirms LT Deposit Rating at Ba2
Moody's affirmed its ratings and standalone baseline credit
assessments on The Bank of N.T. Butterfield & Son Limited and on
Bermuda Commercial Bank Limited (BCB). Moody's has also assigned
Counterparty Risk assessments to both banks.

Butterfield's ratings and assessments are listed below:

  -- Long-term / short-term deposit ratings: A3 / Prime-2

  -- Long-term issuer rating: A3

  -- Subordinated debt rating: Baa1

  -- Government-guaranteed preferred stock rating: A1(hyb)

  -- BCA: baa3

  -- Adjusted BCA: baa3

  -- Long-term / short-term CR assessments: A2(cr) / Prime-1(cr)

The outlook for the long-term deposit and long-term issuer ratings
remains negative.

In addition, Butterfield's ratings and CR assessments benefit from
a very high assumption of government support and incorporate a
three-notch uplift based on Moody's A1 rating on the Government of
Bermuda (government bond rating).

BCB's ratings and assessments are listed below:

  -- Long-term / short-term deposit ratings: Ba2 / Not Prime

  -- Long-term issuer rating: Ba2

  -- BCA: ba2

  -- Adjusted BCA: ba2

  -- Long-term / short-term CR assessments: Ba1(cr) / Not

The outlook for the long-term deposit and long-term issuer ratings
remains stable.

Unlike Butterfield, BCB's ratings and CR assessments do not
benefit from Moody's government support assumptions.

Ratings Rationale for Butterfield:

The affirmation of Butterfield's ratings reflects Moody's
expectation that Butterfield's liquidity will remain strong and
that its asset quality will improve, along with Bermuda's economy.
The negative outlook reflects the significant decline in
Butterfield's capital after its buyout of Canadian Imperial Bank
of Commerce's equity stake, which will diminish Butterfield's loss
absorption capacity over the short-term if earnings are lower than
Moody's expects. The negative outlook also reflects Carlyle Global
Financial Services Partners LP's ownership stake in the bank: The
private equity firm's shorter-term investment horizon increases
uncertainty about Butterfield's longer-term strategic direction,
including the bank's capital plan.

A return to a stable rating outlook for Butterfield is unlikely
until the bank can rebuild its capital ratios. Moody's considers
strong capital to be particularly important for Butterfield's
ratings because its assets are highly concentrated in Bermuda real
estate. As a result, signs of aggressive capital management,
including a rise in leverage or more risk-taking, could lead to a
downgrade. A downgrade is also possible if asset quality or
profitability weakens, most likely if Bermuda's economy stops

Ratings Rationale for BCB:

The affirmation of BCB's ratings reflects Moody's view that the
bank's limited wholesale franchise, its concentration in less-
liquid securities, its comparatively low core profitability and
the lack of a lender of last resort in Bermuda are mitigated by
the bank's strong capitalization.

An upgrade to BCB's ratings is unlikely, given the bank's limited
franchise and the risks associated with the securities portfolio;
a downgrade is possible if concerns about the bank's securities
portfolio arise, such as the potential for unexpected losses that
could materially reduce its capital base and undermine confidence
in the bank.

CR assessments are opinions of how counterparty obligations are
likely to be treated if a bank fails, and are distinct from debt
and deposit ratings in that they (1) consider only the risk of
default rather than the likelihood of default and the expected
financial loss suffered in the event of default and (2) apply to
counterparty obligations and contractual commitments rather than
debt or deposit instruments. The CR assessments are an opinion of
the counterparty risk related to a bank's covered bonds,
contractual performance obligations (servicing), derivatives
(e.g., swaps), letters of credit, guarantees and liquidity

In most cases, the starting point for the CR assessment -- which
is an assessment of the ability to avoid defaulting on its
operating obligations -- is one notch above the bank's Adjusted
BCA, to which Moody's then adds the same notches of support uplift
as applied to deposit and senior unsecured debt ratings.

As a result, the CR assessments for both of these banks are one
notch higher than their deposit and issuer ratings, reflecting
Moody's view that Bermuda's authorities are likely to honor the
operating obligations to which the CR assessment refers, to
preserve the banks' critical functions and minimize the potential
for contagion.

The principal methodology used in these ratings was Banks
published in March 2015.


BRAZIL: Deeper Contraction Sinks Lenders as Petrobras Advances
Denyse Godoy at Bloomberg News reports that Brazil's disappointing
jobs report added to speculation Latin America's largest economy
is heading to its deepest recession since 1990, sinking bank

The unemployment rate, which had tumbled to record-lows during
President Dilma Rousseff's first term, rose more than analysts
forecast in April, according to Bloomberg News.

Separately, a gauge of gross domestic product showed a bigger-
than-estimated contraction, Bloomberg News relates.  Companies
that depend on domestic demand such as busmaker Marcopolo SA
dropped, while Banco Bradesco SA paced losses among lenders.

"The outlook for Brazil's economy is very negative, so we should
expect companies that sell in the domestic market to show weak
results," Hersz Ferman, an economist at brokerage Elite Corretora,
told Bloomberg by phone from Rio de Janeiro.

With unemployment on the rise and above-target inflation eroding
wages, consumer and investor confidence in Brazil has plunged,
Bloomberg News relates.

In a bid to shore up public finances and avert a credit rating
downgrade to junk, Finance Minister Joaquim Levy is lobbying
lawmakers to pass austerity measures such as curtailing access to
jobless insurance, Bloomberg News says.

Thirty-four of the Ibovespa's 66 stocks retreated as the gauge
rose 0.4 percent to 55,112.05 at the close in Sao Paulo on May 21,
notes the report. The index erased an earlier decline of as much
as 0.7 percent as Petroleo Brasileiro SA jumped with oil,
Bloomberg News says.

                            Bull Market

Brazilian shares entered a bull market last month, after rallying
more than 20 percent from their January low, on prospects for
government spending cuts and after Petrobras reported long-delayed
earnings, Bloomberg News discloses.  Since then, the Ibovespa has
fallen 3.3 percent on concern the economy would slow further amid
the fastest inflation in more than a decade, Bloomberg News

Marcopolo declined 2.3 percent to BRL2.98 on May 21.

The MSCI Brazil/Financials index dropped a fourth day on May 21,
Bloomberg News says.

The Finance Ministry is considering an end to the tax break given
to banks and companies as a way to boost government income, Valor
Economico newspaper reported without saying how it got the
information, Bloomberg News discloses.

Bloomberg News notes that on May 21:

   -- Lender Itau Unibanco Holding SA sank 1.2 percent to
      BRL36.06, the lowest in a month;
   -- Bradesco lost 1.7 percent to BRL29.73; and
   -- Petrobras climbed 4.3 percent to BRL13.45.

The oil producer will commit to selling fuel at market prices,
newspaper Folha de S.Paulo reported without saying how it got the
information, Bloomberg News says.

The company also rose as gains in crude improved the outlook for
its offshore investments, Bloomberg News notes.

Petrobras has said investments in oil and gas pre-salt production
are economically viable with the commodity above $45.

West Texas Intermediate for July delivery advanced for a second
day as U.S. oil stockpiles shrank, indicating the supply glut may
be easing, Bloomberg News notes.

Planemaker Embraer SA advanced after signing a firm order with
Azul Linhas Brasilieiras SA of about $3.2 billion to sell 50 jets,
Bloomberg News relays.  The shares rose 2.8 percent to BRL24.42 on
May 21, the highest price since April 6.

Trading volume of equities in Sao Paulo was BRL7.17 billion on May
21, according to data compiled by Bloomberg.  That compares with a
daily average of BRL7 billion, according to the exchange.

CENTRAIS ELETRICAS: Moody's Downgrades FC Issuer Rating to Ba1
Moody's Investors Services downgraded the foreign currency issuer
rating of Centrais Eletricas Brasileiras SA (Eletrobras) and the
rating on Eletrobras' USD 1,750 million senior unsecured bonds due
October 2021 one notch to Ba1 from Baa3 and placed those ratings
on review for downgrade.

Moody's downgraded Eletrobras' ratings because despite some
financial improvement in the recently announced first-quarter
results of 2015 Eletrobras continues to post credit metrics that
are too weak for the Baa3 rating category. Absent a major
reduction in its capital expenditure program or some sort of
capital injection Moody's forecasts continuous weak financial
performance as measured by funds from operations (FFO). In
addition, Eletrobras received a qualified opinion from its auditor
KMPG with its first-quarter results and failed to file its 20F
form as required by the United States Securities Exchange
Commission. It is Moody's understanding that Eletrobras has
complied with the SEC's policy by having contacted the SEC and
issued a press release disclosing the occurrence of the filing
delinquency and the reason for the delinquency which grants the
company a six-month period to cure the delinquency starting from
April 30, 2015.

Eletrobras' rationale for not filing the 20F form was that the
company needs to obtain further results from the investigation on
alleged bribes involving the former CEO of its subsidiary
Eletronuclear as communicated in the local media. Eletrobras has
stated that it will hire an independent entity to conclude an
investigation process and ensure transparency and independence as
required by Brazilian and US laws. KPMG reviewed Eletrobras' 2015
first quarter financial statements and issued a qualified opinion
stating that it cannot determine the impact, if any, from the
resolution of the expected investigation as it is in the early
stage of the process.

During the review period, Moody's will evaluate Eletrobras'
ability to further enhance operating margins, secure long-term
financing for most of its power projects and improve its liquidity
position. The company's liquidity position for 2015 is considered
relatively adequate as it will benefit from some extraordinary
cash flows. These consist mainly of BRL 3.7 billion in
indemnification rights and around BRL 3 billion related to the
reimbursement of costs associated with Itaipu Binacional
(Itaipu)'s exposure to the spot market in 2014, which Eletrobras
disbursed under its role as Itaipu's energy agent. Starting in
2016, Eletrobras will no longer be able to count on these cash
flow sources, which is likely to put additional pressure on the
company's liquidity and leverage. During the review period Moody's
will also evaluate the current B1 Baseline Credit Assessment.

In accordance with Moody's methodology for government related
issuers, or GRIs, the Ba1 issuer rating of Eletrobras reflects the
combination of the following inputs:

- Baseline credit assessment (BCA) b1

- High-level dependence (70%)

- High level of government support (71%-90%)

- The Baa2 rating of the Government of Brazil, which has a
   negative outlook.

What could change the rating up

In light of this rating action, an upgrade of the company's
ratings are highly unlikely in the short-to-medium term.

What could change the rating down

Moody's would consider downgrading the ratings should projections
indicate that credit metrics will not materially improve over the
next 12 to 18 months or should Moody's perceive a pronounced
deterioration of Eletrobras' liquidity position. The downgrade of
Brazil's sovereign rating could also trigger a downgrade rating

Eletrobras' electricity generation has installed capacity of 43
GW, which is equivalent to 34% of Brazil's total generation
installed capacity, including the 7 GW capacity of Itaipu.
Eletrobras' transmission lines above 230KV comprise 57,290 Km or
around 50% of the country's total high voltage transmission lines.
The distribution business, largely consisting of small
distribution companies in the North and Northeast portion of the
country that sold 16.3 GWh in 2014.

Eletrobras is also a financing vehicle with a portfolio of around
BRL29 billion in loans granted to a diverse range of Brazilian
electricity companies, including USD 5.0 billion in loans to
Itaipu. Eletrobras is also the Federal Government's vehicle for
managing the CDE (Energy Development Account), a specific fund of
the Brazilian electricity industry, and certain social programs
such as the "Light For All" aimed at extending electricity to the
most remote regions of the country.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in December 2013. Other
methodologies used include the Government-Related Issuers
methodology published in October 2014.

PARANA: S&P Affirms Then Withdraws 'BB+' Global Scale ICR
Standard & Poor's Rating Services affirmed its 'BB+' global scale
and 'brAA' Brazil national scale issuer credit ratings on the
state of Parana.  S&P subsequently withdrew the ratings, due to
lack of ongoing financial information from, and contact with, the
issuer.  At the time of the withdrawal, the outlook was negative.


Prior to withdrawal, the ratings on the state of Parana reflected
the state's "very weak" liquidity, "weak" financial management and
economy (compared with international peers'), and "very weak" and
volatile budgetary performance due to the state's excessive
spending that has led to wide deficits after borrowings in 2014.
The state's "average" financial flexibility, reflected in high
own-source revenues and its low debt burden, compared with that of
other Brazilian states and international peers, partly offset
these weaknesses.


At the time of withdrawal, the negative outlook on Parana
reflected the potential for a downgrade in the next 12-18 months
if the state's deficits after capital accounts are consistently
greater than 10% of its total revenues, and the state fails to
establish a clear plan to stabilize its finances for the next two-
three years.  S&P believes these deficits will continue to hamper
the state's already "very weak" liquidity.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating


Ratings Affirmed

Parana (State of)
Issuer Credit Rating          BB+/Negative/--
Brazil National Scale         brAA/Negative/--

Ratings Withdrawn              To         From

Parana (State of)
Issuer Credit Rating          NR         BB+/Negative/--
Brazil National Scale         NR         brAA/Negative/--

TUPY S.A.: S&P Affirms 'BB-' CCR; Outlook Remains Stable
Standard & Poor's Ratings Services affirmed its 'BB-' global scale
corporate credit rating and 'brA' national scale corporate credit
and debt ratings on Tupy S.A.  The outlook remains stable.

The ratings affirmation reflects S&P's expectation that Tupy will
report mid-single digit revenue growth, profitability in line with
its global peers, and solid cash flow generation that would allow
for gradual balance-sheet deleveraging.  S&P also expects Tupy to
maintain its leading position in the cast iron engine blocks and
heads market in Americas and Europe, which should keep the
company's profit margins at current levels.  Nevertheless, profit
volatility may persist as Tupy's product portfolio is somewhat
concentrated.  The other risk is commodity-like nature of the
company's products because the original equipment manufacturers
own the patents, which results in stiff competition and low
bargaining power with customers.

S&P believes Tupy will increase the production of higher-
aggregated-value Compacted Graphite Iron blocks, focus on
operating efficiency improvements during the next few years
through higher capacity utilization at its Mexican plants, invest
in projects to reutilize raw material, and enhance automation on
its production lines.  S&P expects these initiatives, coupled with
the weaker Brazilian real, to offset the dropping vehicle
production volumes in domestic auto industry and in the
international off-road segment.  The real's depreciation for the
past six months bolstered Tupy's operating metrics because around
76% of its revenues are dollar denominated, while most of the
costs are denominated in reals.

S&P expects lower volumes in 2015, but the favorable foreign
exchange rate to mitigate the impact.  S&P also expects a smaller
revenue growth compared to last year, gradual profitability
improvements, and cash inflows in the second half of 2015
following the Enterprise Resource Planning implementation, and
lower capital expenditures.  S&P expects the company to generate
R$68 million in operating cash flow, but lower than S&P originally
expected, which should slow debt reduction.  S&P's updated
estimates remain in line with its existing financial risk profile
assessment as "significant."

C A Y M A N  I S L A N D S

ABY HOLDING: Shareholders' Final Meeting Set for June 3
The shareholders of ABY Holding GP will hold their final meeting
on June 3, 2015, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          York European Opportunities Domestic Holdings, LLC
          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands

AURORA MACRO: Shareholders' Final Meeting Set for June 3
The shareholders of Aurora Macro Opportunities Offshore Fund Ltd.
will hold their final meeting on June 3, 2015, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Scott Montpas
          c/o Aurora Investment Management L.L.C.
          300 N. La Salle Street
          Illinois 60654
          United States of America
          Telephone: +312 762 6717

BASELL CAYMAN: Shareholders' Final Meeting Set for June 8
The shareholders of Basell Cayman Corporation will hold their
final meeting on June 8, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Scott E. Beech
          1221 McKinney Suite 700
          Telephone: (713) 309-3151
          Facsimile: (713) 309-4631

COLUMBUS PARK: Shareholder to Hear Wind-Up Report on June 19
The shareholder of Columbus Park CDO Ltd. will hear on June 19,
2015, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100

CONCORDE INVESTMENT: Shareholder to Hear Wind-Up Report on June 19
The shareholder of Concorde Investment Corporation will hear on
June 19, 2015, at 10:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100

EATON VANCE CIA: Shareholders' Final Meeting Set for June 3
The shareholders of Eaton Vance CIA Commodity Subsidiary, Ltd will
hold their final meeting on June 3, 2015, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Boston Management and Research
          c/o Barnaby Gowrie
          Two International Place
          Boston, MA 02110
          Telephone: +1 (345) 914 6365

EATON VANCE EVG: Shareholders' Final Meeting Set for June 3
The shareholders of Eaton Vance EVG Commodity Subsidiary, Ltd will
hold their final meeting on June 3, 2015, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Eaton Vance Investment Managers
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365

EATON VANCE IIP: Shareholders' Final Meeting Set for June 3
The shareholders of Eaton Vance IIP Commodity Subsidiary, Ltd will
hold their final meeting on June 3, 2015, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Boston Management and Research
          c/o Barnaby Gowrie
          Two International Place
          Boston, MA 02110
          Telephone: +1 (345) 914 6365

NEWCAP INSURANCE: Shareholder to Hear Wind-Up Report on June 1
The shareholder of Newcap Insurance Company Litd will hear on
June 1, 2015, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Graham Manchester
          Marsh Management Services Cayman Ltd.
          P.O. Box 1051 G.T.
          Governors Square, 23 Lime Tree Bay Avenue
          George Town Grand Cayman
          Cayman Islands

OVERSEAS MACHINERY: Sole Member to Hear Wind-Up Report on June 11
The sole member of Overseas Machinery Corporation will hear on
June 11, 2015, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Martha I. Uruena
          c/o Carrera 1 Este No. 76-04 Ap. 602
          Bogota, D.C.


PACIFIC RUBIALES: Accepts Takeover Offer by Mexico's Alfa
EFE News reports that Canadian oil company Pacific Rubiales Energy
Corp. said it has accepted the $5.30-per-share, all-cash takeover
offer of Mexican industrial conglomerate Alfa and U.S.-based
energy investment vehicle Harbour Energy.

Toronto-based Pacific Rubiales said in a statement that its board
of directors has unanimously approved the offer and recommends
that the company's shareholders vote in favor of the deal at a
special meeting in early July, according to EFE News.

The report notes that the transaction requires approval of at
least two-thirds of the votes validly cast by shareholders and a
simple majority of the votes validly cast by "minority"
shareholders, according to Pacific Rubiales.

Alfa already owns an 18.95 percent stake in Pacific Rubiales,
although its shares will be excluded from the voting, the Canadian
company said, the report relates.

The report discloses that a group of Venezuelan investors known as
the O'Hara Administration and their partners, who own around a
19.5 percent stake in Pacific Rubiales, have already announced
their opposition to the deal.

Pacific Rubiales said the purchase price represents a 39 percent
premium to the company's closing price on May 4 on the Toronto
Stock Exchange, the report notes.

The oil producer said it expects the transaction, which values
Pacific Rubiales at around $5 billion, will close in the third
quarter, the report relays.

Pacific Rubiales, which produces oil and natural gas in Colombia,
Peru, Guatemala, Brazil, Guyana, Belize and Papua New Guinea, has
debt of around $4.7 billion.

Alfa is a Mexican industrial conglomerate that owns the world's
largest independent producer of aluminum engine components for the
automotive industry, as well as one of the world's largest
producers of polyester.

Harbour Energy is a joint venture of private equity firm EIG
Global Energy Partners and Asian commodity-trading giant Noble
Group. EFE

As reported in the Troubled Company Reporter-Latin America on
May 8, 2015, Fitch Ratings sees Alfa, S.A.B. de C.V. (Alfa; IDR
'BBB-', Outlook Stable) and Harbour Energy Ltd.'s (Harbour Energy)
potential acquisition of Pacific Rubiales Energy Corp. (Pacific
Rubiales; IDR 'BB', Outlook Negative) as a credit-neutral to
marginally positive event for Pacific Rubiales.


CEMEX SAB: To Exchange US$626MM 2016 Notes for Newly Issued Notes
CEMEX, S.A.B. de C.V. entered into a series of private exchange
agreements with certain institutional investors providing for such
investors to exchange approximately US$626 million aggregate
principal amount of 3.25% Convertible Subordinated Notes due 2016
issued by CEMEX and held by such investors for (i) US$321 million
aggregate principal amount of new 3.72% Convertible Subordinated
Notes due 2020 to be issued by CEMEX and (ii) an estimated 42
million American Depositary Shares of CEMEX.  These exchange
transactions do not include the payment by CEMEX of any cash.

Following the closing of these exchange transactions, US$352
million aggregate principal amount of the Existing Notes will
remain outstanding.  The Existing Notes are not callable (other
than for tax reasons) prior to maturity in March 2016.

The terms of the Exchange Notes will be substantially similar to
those of CEMEX's existing Convertible Subordinated Notes due 2020
issued on March 13, 2015, including the maturity date, interest
rate, interest payment dates, initial conversion price and initial
conversion rate.  The Exchange Notes will be convertible into ADSs
based on an initial conversion rate of 84.0044 ADSs per US$1,000
principal amount of Exchange Notes, which is equivalent to an
initial conversion price of approximately US$11.9041 per ADS.  The
conversion rate and the conversion price will be subject to
adjustment in certain events, such as distributions of dividends
or stock splits, in accordance with the terms of the Exchange
Notes.  The Exchange Notes are expected to bear CUSIP number
151290BT9 and ISIN US151290BT97.

The closing of each of these exchange transactions is subject to
customary closing conditions.  The Exchange Notes are expected to
be issued on or around May 28, 2015 and the final settlement date
for the exchange transactions is expected to be on or around June
8, 2015.

The Exchange Notes and the ADSs are being issued under private
exchange agreements and such issuance is exempt from registration
pursuant to Section 3(a)(9) under the U.S. Securities Act of 1933,
as amended.

CEMEX, which was founded in 1906 in the northern Mexican city of
Monterrey, has operations in more than 50 countries.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2015, Standard & Poor's Ratings Services revised its
outlook on CEMEX S.A.B. de C.V. (CEMEX) to positive from stable.
At the same time, S&P affirmed its 'B+' global scale and 'mxBBB'
national scale ratings on CEMEX and its subsidiaries, CEMEX Espana
S.A., CEMEX Mexico S.A. de C.V., and CEMEX Inc.

HOMEX SAB: Gets Disbursements from Banco Santander & Adamantine
Desarrolladora Homex, S.A.B. de C.V. received the initial
disbursements from four previously approved credit facilities from
Banco Santander (Grupo Financiero Santander M‚xico, S.A.B. de
C.V.) and one previously approved credit facility from Lagatus,
S.A. de C.V., ("Lagatus") an affiliate of Proyectos Adamantine,
S.A. de C.V., SOFOM, E.N.R.

Through these initial disbursements, the Company will reactivate a
housing portfolio composed of four housing projects in the cities
of Morelia, Puebla, La Paz and Le¢n, to be financed by Banco
Santander, and up to nineteen housing projects across the country
to be financed by Lagatus.

"This is an important step for the Company as we are reactivating
our operations even prior to emerging from Concurso Mercantil. The
disbursements demonstrate the confidence and trust of two
recognized financial institutions.  We feel confident that this is
one of the first steps to achieve a successful financial
reorganization. At the same time, we continue working very closely
with our creditors on the emergence from Concurso Mercantil,"
commented Carlos Moctezuma, Homex's Chief Financial Officer.

Desarrolladora Homex, S.A.B. de C.V. is a vertically integrated
home-development company focused on affordable entry-level and
middle-income housing in Mexico.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 18, 2013, Fitch Ratings downgrades Desarrolladora Homex,
S.A.B. de C.V.'s ratings as:

   -- Foreign currency Issuer Default Rating (IDR) to 'B' from
   -- Local currency IDR to 'B' from 'BB-';
   -- USD250 million in senior notes due 2015 to 'B/RR4' from
   -- USD250 million in senior notes due 2019 to 'B/RR4' from
   -- USD400 million in senior notes due 2020 to 'B/RR4' from

The ratings remain on Rating Watch Negative.

* MEXICO: Growth Meets Forecasts on Domestic Spending Strength
Brendan Case and Eric Martin at Bloomberg News reports that
Mexico's economy expanded in line with analysts' forecasts in the
first quarter as domestic consumption rebounded.

Gross domestic product rose 2.5 percent from a year earlier, the
national statistics institute said, compared with the 2.4 percent
median forecast of 24 economists surveyed by Bloomberg.

While Mexico grew 0.4 percent from the previous three-month
period, the gains came in January and February, according to
Bloomberg News.

Bloomberg News notes that the economy contracted in March,
according to the IGAE economic indicator, signaling weakness
heading into the second quarter.

Retail sales gains and consumer credit expansion helped fuel
"moderate growth" in the first quarter, Banco de Mexico Governor
Agustin Carstens said at a presentation, Bloomberg News notes.

GDP forecasts have been falling on a drop in oil prices and
output, and growth going forward will depend on the U.S., the
buyer of 80 percent of Mexico's exports, said Alonso Cervera, the
chief Latin America economist at Credit Suisse Group AG, Bloomberg
News relates.

"It's not a great number, but not it's bad relative to some of the
more dire views that some people in the market may have had,"
Rafael de la Fuente, chief Latin America economist at UBS AG, said
in a telephone interview with Bloomberg.  "The services component
looked good, which suggests that consumption at the domestic level
is doing well.  There are major drags to growth here, especially
the oil sector, which clearly is weighing on the economy," Mr.
dela Fuente added.

Mexico's central bank has left interest rates at a record low 3
percent since June to jump start an economy that has missed
analysts' growth forecasts in eight of the past 12 quarters,
Bloomberg News relays.

Estimates for first-quarter growth from the previous three-month
period ranged from a 0.5 percent expansion to a 0.1 percent
contraction forecast by Bank of America Corp., Standard Chartered
Plc and Societe Generale SA, Bloomberg News says.

The service economy grew 2.9 percent from a year earlier, matching
the fastest expansion since the middle of 2013, Bloomberg News
discloses.  Mexico is likely to expand 2.8 percent this year,
according to analyst estimates compiled by Bloomberg.  That would
be the fastest rate since 2012.

Bloomberg News notes that the first-quarter expansion followed 2.6
percent growth in the fourth quarter.  Rising remittances from
Mexicans abroad and an increase in consumer spending are
bolstering the economy, Mr. Carstens said, Bloomberg News notes.

Sales at retail stores open at least a year climbed at least 5
percent in each of the first three months of 2015 from their year-
ago level, according to the Antad trade group, which represents
chain stores including Organizacion Soriana SAB and Grupo Sanborns
SAB, Bloomberg News says.

Wal-Mart de Mexico SAB, the nation's largest retailer, has posted
the second-biggest gain on the benchmark IPC index of 35 Mexican
stocks this year after two straight years of declines.

Still, with some economic weakness from the drop in oil
production, the central bank cut its 2015 growth estimate to 2
percent to 3 percent on May 19, down from the previous forecast
for an expansion of 2.5 percent to 3.5 percent, Bloomberg News

Economists forecast the central bank to leave rates unchanged
until the third quarter, when they'll raise them for the first
time since 2008 along with the U.S., according to the median
forecast in a Bloomberg survey.

Mexico's central bank is concerned a smaller rate advantage versus
the U.S. could prompt investors to pull money out of Latin
America's second-largest economy, Bloomberg News discloses.

The first-quarter growth report is "good, but it could be better,"
Marco Oviedo, the chief Mexico economist at Barclays Plc, said in
an e-mailed response to questions, Bloomberg News notes.  "The
economy is probably getting weaker.  However, if exports improved
in April, this might be temporary," Mr. Oviedo added.


PANAMA CASINO: Places Collateral for Sale on May 28
Jones Lang LaSalle notified the public that 100% of the limited
liability company interest in Panama Casino Holdings II LLC will,
be offered for sale and sold to the highest qualified bidder on
May 28, 2015, at 3:00 p.m. Eastern Time at the law offices of
Skadden, Arps, Slate, Meagher & Flom LLP, located at Four Times
Square in New York, New York.

The principal assets of the pledged entity is 100% equity interest
SE Associates (Cayman) Ltd.  The principal assets of SE Associates
is a 100% equity interest in Silver Associates (Cayman) Ltd., and
a 99% equity interest in Veneto Hotel & Casino SA.  The principal
assets of Silver Associates is a 1% interest in Veneto Hotel.  The
principal asset of Veneto Hotel is the hotel and casino property
commonly known as the Veneto Hotel and Casino in the Republic of

The sale is held to enforce the rights of the secured party under
a pledge and security agreement executed by Panama Casino Holdings
I LLC, as pledgor, dated June 14, 2007, as amended or modified.

Interested parties who would like additional information regarding
the collateral, the requirements to be a qualified bidder or the
terms of the sale should visit:

or contact Bill Grice at or 404-995-2154.

P U E R T O    R I C O

PUERTO RICO: Moody's Cuts GDB Notes to Ca; GO Bonds to Caa2
Moody's Investors Service downgraded the Government Development
Bank for Puerto Rico's notes to Ca from Caa1, the Commonwealth of
Puerto Rico's general obligation and guaranteed bonds to Caa2 from
Caa1, and other affiliated credits by two notches in most cases.
In all, about $54.8 billion was affected by these actions, and a
list of rating changes is at the end of this report. Included in
the total debt affected are $15.2 billion of Sales Tax Financing
Corporation (or COFINA) bonds. COFINA's senior debt was downgraded
to Caa2 from B3, and its subordinate-lien obligations were lowered
to Caa3 from Caa1. The outlook for all affected securities remains

According to recent disclosures, cash resources at the GDB may be
fully depleted by the end of August in the absence of market
access or emergency actions to preserve cash. GDB faces a 53%
debt-service surge in the fiscal year starting July 1, and deposit
withdrawals by the Puerto Rico Electric Power Authority (Caa3
negative) and the Puerto Rico Housing Administration in coming
weeks will accelerate GDB's liquidity erosion. Moody's believe
that the commonwealth will not be able to complete its planned
financing (which was to replenish cash at the GDB) before the end
of the fiscal year, and that Puerto Rico and the GDB will be
forced to pursue cash-conservation measures such as seeking to
defer principal repayment to holders of bonds that are not
protected by the strongest revenue pledges or constitutional
provisions, such as GDB notes and the government's subject-to-
appropriation debt. As a consequence, ratings on Puerto Rico's
unprotected securities have dropped to levels consistent with
substantial expected losses. The legally protected securities -
notably, the government's general obligation and Sales Tax
Financing Corp. (COFINA) bonds - are also affected by rising
default risk, given that they account for a significant majority
of the commonwealth's tax-supported debt burden. The higher
ratings assigned to the GO and COFINA credits incorporate their
legal protections and the government's incentive to avoid
litigation with bondholders.

The outlook for Puerto Rico and its related debt remains negative,
because of trends such as weakening liquidity and economic
deterioration, which Moody's believe may further heighten default
probabilities and further reduce bondholder recovery prospects in
coming months.

What could make the rating go up:

- Restoration of sufficient liquidity position to prevent

- Enactment of sustainable fiscal plan that moves toward
   structural balance while meeting financial obligations

What could make the rating go down:

- For legally protected securities (primarily GO and COFINA),
   indications of growing default risk

- Rising loss-given-default expectations on lower-rated

Puerto Rico is a territory of the United States, with a population
of 3.5 million (and an estimated population decline of 1.4% in
2014). The island has a high unemployment rate of 11.8%, high debt
and pension metrics, and a declining economy.

This action affects many of the commonwealth's securities,
including the GO debt, which is a full faith and credit obligation
of the commonwealth.

Ratings Affected:

Downgraded to Caa2:

  -- COFINA Senior (from B3)

  -- Puerto Rico Industrial Development Company (from B3)

  -- Commonwealth general obligation and guaranteed (from Caa1)

  -- Aqueduct and Sewer Authority (from Caa1)

Downgraded to Caa3:

  -- Municipal Finance Agency (from Caa1)

  -- University of Puerto Rico -- System Revenue Bonds
     (from Caa2)

Downgraded to Ca:

  -- University of Puerto Rico -- Educational Facilities Revenue
     Bonds (from Caa3)

  -- Commonwealth's appropriation-backed debt (from Caa2)

  -- Government Development Bank debt (from Caa1)

  -- Highways and Transportation Authority (from Caa2)

  -- Infrastructure Financing Authority -- rum tax bonds
     (from Caa2)

  -- Pension Funding Bonds (from Caa2)

  -- Convention Center District Authority (from Caa2)

The principal methodology used in rating the Commonwealth of
Puerto Rico, Puerto Rico Municipal Finance Agency, Puerto Rico
Highway & Transportation Authority, Puerto Rico Aqueduct and Sewer
Authority, Puerto Rico Infrastructure Financing Authority,
Government Development Bank for Puerto Rico, Convention Center
District Authority, and Puerto Rico Public Finance Corporation
debt was US States Rating Methodology published in April 2013.

The additional methodology used in rating the Puerto Rico Highway
& Transportation Authority debt, the Puerto Rico Infrastructure
Financing Authority debt, and the Puerto Rico Convention Center
District Authority debt was US Public Finance Special Tax
Methodology published in January 2014.

The additional methodology used in rating the Puerto Rico Aqueduct
and Sewer Authority was US Municipal Utility Revenue Debt
published in December 2014.

The additional methodology used in rating the Puerto Rico Public
Finance Corporation debt was The Fundamentals of Credit Analysis
for Lease-Backed Municipal Obligations published in December 2011.

The principal methodology used in rating the University of Puerto
Rico debt was U.S. Not-for-Profit Private and Public Higher
Education published in August 2011.

The principal methodology used in rating the Puerto Rico Sales Tax
Financing Corporation debt and the Puerto Rico Industrial
Development Company debt was US Public Finance Special Tax
Methodology published in January 2014. An additional methodology
used in this rating was US States Rating Methodology published in
April 2013.


* Large Companies With Insolvent Balance Sheets

                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------
FABRICA TECID-RT         FTRX1 BZ    66603695.4     -76419246.3
METROGAS SA-A          153255Z AR     331403741     -24462400.6
METROGAS SA-C          153263Z AR     331403741     -24462400.6
LA POLAR SA           NUEVAPOL CI     571550458     -31565432.3
TECTOY-PF-RTS5/6        TOYB11 BZ    27114628.6     -8215580.95
TEKA-ADR                 TEKAY US     313948165      -395261073
GOL-PREF                 GOLL4 BZ    3769323901      -125802483
GOL-ADR                    GOL US    3769323901      -125802483
GOL                      GOLL3 BZ    3769323901      -125802483
METROGAS-B               MGSBF US     331403741     -24462400.6
BOMBRIL                  BMBBF US     323685704       -31241748
KARSTEN                  CTKCF US     174656858     -10482924.6
KARSTEN-PREF             CTKPF US     174656858     -10482924.6
MANGELS INDL-PRF         MGIRF US     176399866     -61689625.2
TEKA                     TKTQF US     313948165      -395261073
TEKA-PREF                TKTPF US     313948165      -395261073
SNIAFA SA-B              SDAGF US    11229696.2     -2670544.86
TEC TOY SA-PREF          TOYDF US    27114628.6     -8215580.95
PUYEHUE RIGHT         PUYEHUOS CI      17878064     -7344408.97
BATTISTELLA-RIGH         BTTL1 BZ     120474772     -21271905.1
BATTISTELLA-RI P         BTTL2 BZ     120474772     -21271905.1
BATTISTELLA-RECE         BTTL9 BZ     120474772     -21271905.1
BATTISTELLA-RECP        BTTL10 BZ     120474772     -21271905.1
AGRENCO LTD-BDR         AGEN33 BZ     285996574      -543142756
GOL-ADR                    GOQ GR    3769323901      -125802483
PET MANG-RIGHTS       3678565Q BZ     140957879      -410925540
PET MANG-RIGHTS       3678569Q BZ     140957879      -410925540
PET MANG-RECEIPT      0229292Q BZ     140957879      -410925540
PET MANG-RECEIPT      0229296Q BZ     140957879      -410925540
MMX MINERACAO            TRES3 BZ    1223308090      -312940530
INEPAR-RT ORD         3697782Q BZ    1191789041      -214360998
INEPAR-RT PREF        3697786Q BZ    1191789041      -214360998
INEPAR-RCT ORD        3697790Q BZ    1191789041      -214360998
INEPAR-RCT PREF       3697794Q BZ    1191789041      -214360998
RB CAPITAL              RBCS3B BZ    13996658.5     -815.062365
MMX MINERACA-GDR         MMXMY US    1223308090      -312940530
BOMBRIL HOLDING          FPXE3 BZ    19416013.9      -489914853
BOMBRIL                  FPXE4 BZ    19416013.9      -489914853
SANESALTO                SNST3 BZ    21339668.9     -6954061.77
BOMBRIL-RGTS PRE         BOBR2 BZ     323685704       -31241748
BOMBRIL-RIGHTS           BOBR1 BZ     323685704       -31241748
MMX MINERACA-GDR      0567931D CN    1223308090      -312940530
MMX MINERACA-GDR          3M11 GR    1223308090      -312940530
LAEP-BDR                MILK33 BZ     222902269      -255311026
AGRENCO LTD               AGRE LX     285996574      -543142756
LAEP INVESTMENTS          LEAP LX     222902269      -255311026
INVERS ELEC BUEN         IEBAA AR     239575758     -28902145.8
INVERS ELEC BUEN         IEBAB AR     239575758     -28902145.8
OSX BRASIL SA            OSXB3 BZ    2592199410      -291661108
MMX MINERACAO            MMXCF US    1223308090      -312940530
CELGPAR                  GPAR3 BZ     233784351     -1156798479
RECRUSUL - RT         4529781Q BZ    25757600.8     -21626049.7
RECRUSUL - RT         4529785Q BZ    25757600.8     -21626049.7
RECRUSUL - RCT        4529789Q BZ    25757600.8     -21626049.7
RECRUSUL - RCT        4529793Q BZ    25757600.8     -21626049.7
RECRUSUL-BON RT         RCSL11 BZ    25757600.8     -21626049.7
RECRUSUL-BON RT         RCSL12 BZ    25757600.8     -21626049.7
BALADARE                 BLDR3 BZ     159449535     -52990723.7
TEXTEIS RENAU-RT         TXRX1 BZ    48951015.5     -73535330.8
TEXTEIS RENAU-RT         TXRX2 BZ    48951015.5     -73535330.8
TEXTEIS RENA-RCT         TXRX9 BZ    48951015.5     -73535330.8
TEXTEIS RENA-RCT        TXRX10 BZ    48951015.5     -73535330.8
CIA PETROLIF-PRF         MRLM4 BZ     377592596      -3014215.1
CIA PETROLIFERA          MRLM3 BZ     377592596      -3014215.1
NEWTEL PARTICIPA         NEWT3 BZ    10517157.2     -10542831.7
NOVA AMERICA SA          NOVA3 BZ    21287488.9      -183535526
NOVA AMERICA-PRF         NOVA4 BZ    21287488.9      -183535526
EBX BRASIL SA            CTMN3 BZ    2592199410      -291661108
GOL-ADR                   GOLN MM    3769323901      -125802483
OSX BRASIL SA            EBXB3 BZ    2592199410      -291661108
LA POLAR-RT           LAPOLARO CI     571550458     -31565432.3
ELECTRICIDAD ARG      3447811Z AR     948261051      -148983927
TEC TOY-RT            7335610Q BZ    27114628.6     -8215580.95
TEC TOY-RT            7335614Q BZ    27114628.6     -8215580.95
TEC TOY-RCT           7335626Q BZ    27114628.6     -8215580.95
TEC TOY-RCT           7335630Q BZ    27114628.6     -8215580.95
MMX MINERACAO-RT      4111484Q BZ    1223308090      -312940530
MMX MINERACA-RCT      4111488Q BZ    1223308090      -312940530
GOL-RT                0113333D BZ    3769323901      -125802483
GOL-RT                0113334D BZ    3769323901      -125802483
GOL-RCT               0113335D BZ    3769323901      -125802483
GOL-RCT               0113338D BZ    3769323901      -125802483
PET MANG-RT           4115360Q BZ     140957879      -410925540
PET MANG-RT           4115364Q BZ     140957879      -410925540
INEPAR-RT ORD            INEP1 BZ    1191789041      -214360998
INEPAR-RT PREF           INEP2 BZ    1191789041      -214360998
INEPAR-RCT ORD           INEP9 BZ    1191789041      -214360998
INEPAR-RCT PREF         INEP10 BZ    1191789041      -214360998
MINUPAR-RT            9314542Q BZ    76619687.5     -91780261.5
MINUPAR-RCT           9314634Q BZ    76619687.5     -91780261.5
MMX MINERACAO-RT      0626050D BZ    1223308090      -312940530
MMX MINERACA-RCT      0626051D BZ    1223308090      -312940530
PET MANG-RT           0229249Q BZ     140957879      -410925540
PET MANG-RT           0229268Q BZ     140957879      -410925540
RECRUSUL - RT         0163579D BZ    25757600.8     -21626049.7
RECRUSUL - RT         0163580D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0163582D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0163583D BZ    25757600.8     -21626049.7
PORTX OPERA-GDR          PXTPY US     976769385     -9407990.18
PORTX OPERACOES          PRTX3 BZ     976769385     -9407990.18
OSX BRASIL S-GDR         OSXRY US    2592199410      -291661108
TEC TOY-RT            1254570D BZ    27114628.6     -8215580.95
TEC TOY-RT            1254571D BZ    27114628.6     -8215580.95
TEC TOY-RCT           1254572D BZ    27114628.6     -8215580.95
TEC TOY-RCT           1254573D BZ    27114628.6     -8215580.95
MMX MINERACAO           MMXM11 BZ    1223308090      -312940530
MINUPAR-RT            0599562D BZ    76619687.5     -91780261.5
MINUPAR-RCT           0599564D BZ    76619687.5     -91780261.5
PET MANG-RT              RPMG2 BZ     140957879      -410925540
PET MANG-RT           0848424D BZ     140957879      -410925540
PET MANG-RECEIPT         RPMG9 BZ     140957879      -410925540
PET MANG-RECEIPT        RPMG10 BZ     140957879      -410925540
GOL-RT                   GOLL1 BZ    3769323901      -125802483
GOL-RT                1003237D BZ    3769323901      -125802483
GOL-RCT                  GOLL9 BZ    3769323901      -125802483
GOL-RCT               1003238D BZ    3769323901      -125802483
LAEP INVESTMEN-B      0122427D LX     222902269      -255311026
LAEP INVES-BDR B      0163599D BZ     222902269      -255311026
RECRUSUL - RT         0614673D BZ    25757600.8     -21626049.7
RECRUSUL - RT         0614674D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0614675D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0614676D BZ    25757600.8     -21626049.7
TEKA-RTS                 TEKA1 BZ     313948165      -395261073
TEKA-RTS                 TEKA2 BZ     313948165      -395261073
TEKA-RCT                 TEKA9 BZ     313948165      -395261073
TEKA-RCT                TEKA10 BZ     313948165      -395261073
MINUPAR-RTS              MNPR1 BZ    76619687.5     -91780261.5
MINUPAR-RCT              MNPR9 BZ    76619687.5     -91780261.5
LA POLAR-RT           LAPOLAOS CI     571550458     -31565432.3
RECRUSUL SA-RTS          RCSL1 BZ    25757600.8     -21626049.7
RECRUSUL SA-RTS          RCSL2 BZ    25757600.8     -21626049.7
RECRUSUL SA-RCT          RCSL9 BZ    25757600.8     -21626049.7
RECRUSUL - RCT          RCSL10 BZ    25757600.8     -21626049.7
OSX BRASIL - RTS      0701756D BZ    2592199410      -291661108
OSX BRASIL - RTS      0701757D BZ    2592199410      -291661108
LA POLAR SA            LAPOLAR CI     571550458     -31565432.3
MMX MINERACA-RTS         MMXM1 BZ    1223308090      -312940530
MMX MINERACA-RCT         MMXM9 BZ    1223308090      -312940530
OSX BRASIL - RTS      0812903D BZ    2592199410      -291661108
OSX BRASIL - RTS      0812904D BZ    2592199410      -291661108
OSX BRASIL SA            OSXRF US    2592199410      -291661108
OSX BRASIL - RTS         OSXB1 BZ    2592199410      -291661108
OSX BRASIL - RTS         OSXB9 BZ    2592199410      -291661108
NEWTEL PARTI-RTS      1051621D BZ    10517157.2     -10542831.7
PET MANG-RTS          1227980D BZ     140957879      -410925540
AGRENCO LTD-BDR         AGEN11 BZ     285996574      -543142756
LAEP-BDR                MILK11 BZ     222902269      -255311026
MMX MINERACA-GDR         MMXMD US    1223308090      -312940530
MMX MINERACAO            MMXXF US    1223308090      -312940530
GOL PREF - RTS           GOLL2 BZ    3769323901      -125802483
GOL PREF - RCT          GOLL10 BZ    3769323901      -125802483
BOMBRIL - RTS           BOBR11 BZ     323685704       -31241748
KARSTEN SA - RTS         CTKA1 BZ     174656858     -10482924.6
KARSTEN SA - RTS         CTKA2 BZ     174656858     -10482924.6
KARSTEN SA - RCT         CTKA9 BZ     174656858     -10482924.6
KARSTEN SA - RCT        CTKA10 BZ     174656858     -10482924.6
NEWTEL PARTI-RCT        NEWT9B BZ    10517157.2     -10542831.7
NEWTEL PARTI-RTS        NEWT1B BZ    10517157.2     -10542831.7
CELGPAR-RTS             GPAR11 BZ     233784351     -1156798479
LA POLAR-RTS BON      LAPOLAOB CI     571550458     -31565432.3
PET MANGUINH-RTS         RPMG1 BZ     140957879      -410925540
METROGAS-B                METR AR     331403741     -24462400.6
METROGAS-B BLOCK         METRB AR     331403741     -24462400.6
METROGAS-B               METRC AR     331403741     -24462400.6
METROGAS-B               METRD AR     331403741     -24462400.6
METROGAS SA               MGAI US     331403741     -24462400.6
METROGAS-B                MGSB GR     331403741     -24462400.6
METROGAS-ADR               MGS US     331403741     -24462400.6
METROGAS-ADR              MGSA GR     331403741     -24462400.6
ARTHUR LANGE             ARLA3 BZ    11642254.9     -17154460.3
ARTHUR LANGE SA         ALICON BZ    11642254.9     -17154460.3
ARTHUR LANGE-PRF         ARLA4 BZ    11642254.9     -17154460.3
ARTHUR LANGE-PRF        ALICPN BZ    11642254.9     -17154460.3
ARTHUR LANG-RT C         ARLA1 BZ    11642254.9     -17154460.3
ARTHUR LANG-RT P         ARLA2 BZ    11642254.9     -17154460.3
ARTHUR LANG-RC C         ARLA9 BZ    11642254.9     -17154460.3
ARTHUR LANG-RC P        ARLA10 BZ    11642254.9     -17154460.3
ARTHUR LAN-DVD C        ARLA11 BZ    11642254.9     -17154460.3
ARTHUR LAN-DVD P        ARLA12 BZ    11642254.9     -17154460.3
BOMBRIL                  BOBR3 BZ     323685704       -31241748
BOMBRIL CIRIO SA        BOBRON BZ     323685704       -31241748
BOMBRIL-PREF             BOBR4 BZ     323685704       -31241748
BOMBRIL CIRIO-PF        BOBRPN BZ     323685704       -31241748
BOMBRIL SA-ADR           BMBPY US     323685704       -31241748
BOMBRIL SA-ADR           BMBBY US     323685704       -31241748
BUETTNER                 BUET3 BZ    82872146.2     -36299304.3
BUETTNER SA             BUETON BZ    82872146.2     -36299304.3
BUETTNER-PREF            BUET4 BZ    82872146.2     -36299304.3
BUETTNER SA-PRF         BUETPN BZ    82872146.2     -36299304.3
BUETTNER SA-RTS          BUET1 BZ    82872146.2     -36299304.3
BUETTNER SA-RT P         BUET2 BZ    82872146.2     -36299304.3
CAF BRASILIA             CAFE3 BZ     160933830      -149277092
CAFE BRASILIA SA        CSBRON BZ     160933830      -149277092
CAF BRASILIA-PRF         CAFE4 BZ     160933830      -149277092
CAFE BRASILIA-PR        CSBRPN BZ     160933830      -149277092
IGUACU CAFE              IGUA3 BZ     190073766       -74308212
IGUACU CAFE             IGCSON BZ     190073766       -74308212
IGUACU CAFE              IGUCF US     190073766       -74308212
IGUACU CAFE-PR A         IGUA5 BZ     190073766       -74308212
IGUACU CAFE-PR A        IGCSAN BZ     190073766       -74308212
IGUACU CAFE-PR A         IGUAF US     190073766       -74308212
IGUACU CAFE-PR B         IGUA6 BZ     190073766       -74308212
IGUACU CAFE-PR B        IGCSBN BZ     190073766       -74308212
SCHLOSSER                SCLO3 BZ    46981417.3     -55419754.7
SCHLOSSER SA             SCHON BZ    46981417.3     -55419754.7
SCHLOSSER-PREF           SCLO4 BZ    46981417.3     -55419754.7
SCHLOSSER SA-PRF         SCHPN BZ    46981417.3     -55419754.7
KARSTEN SA               CTKA3 BZ     174656858     -10482924.6
KARSTEN                  CTKON BZ     174656858     -10482924.6
KARSTEN-PREF             CTKA4 BZ     174656858     -10482924.6
KARSTEN-PREF             CTKPN BZ     174656858     -10482924.6
COBRASMA                 CBMA3 BZ    68585867.9     -2324358597
COBRASMA SA             COBRON BZ    68585867.9     -2324358597
COBRASMA-PREF            CBMA4 BZ    68585867.9     -2324358597
COBRASMA SA-PREF        COBRPN BZ    68585867.9     -2324358597
D H B                    DHBI3 BZ    94806424.1      -188014922
DHB IND E COM            DHBON BZ    94806424.1      -188014922
D H B-PREF               DHBI4 BZ    94806424.1      -188014922
DHB IND E COM-PR         DHBPN BZ    94806424.1      -188014922
DOCA INVESTIMENT         DOCA3 BZ     187044412      -204249587
DOCAS SA                DOCAON BZ     187044412      -204249587
DOCA INVEST-PREF         DOCA4 BZ     187044412      -204249587
DOCAS SA-PREF           DOCAPN BZ     187044412      -204249587
DOCAS SA-RTS PRF         DOCA2 BZ     187044412      -204249587
FABRICA RENAUX           FTRX3 BZ    66603695.4     -76419246.3
FABRICA RENAUX          FRNXON BZ    66603695.4     -76419246.3
FABRICA RENAUX-P         FTRX4 BZ    66603695.4     -76419246.3
FABRICA RENAUX-P        FRNXPN BZ    66603695.4     -76419246.3
HAGA                     HAGA3 BZ    17930008.8       -31863962
FERRAGENS HAGA          HAGAON BZ    17930008.8       -31863962
FER HAGA-PREF            HAGA4 BZ    17930008.8       -31863962
FERRAGENS HAGA-P        HAGAPN BZ    17930008.8       -31863962
CIMOB PARTIC SA          GAFP3 BZ    44047412.2     -45669964.1
CIMOB PARTIC SA          GAFON BZ    44047412.2     -45669964.1
CIMOB PART-PREF          GAFP4 BZ    44047412.2     -45669964.1
CIMOB PART-PREF          GAFPN BZ    44047412.2     -45669964.1
IGB ELETRONICA           IGBR3 BZ     307112239     -59872446.9
GRADIENTE ELETR          IGBON BZ     307112239     -59872446.9
GRADIENTE-PREF A         IGBR5 BZ     307112239     -59872446.9
GRADIENTE EL-PRA         IGBAN BZ     307112239     -59872446.9
GRADIENTE-PREF B         IGBR6 BZ     307112239     -59872446.9
GRADIENTE EL-PRB         IGBBN BZ     307112239     -59872446.9
GRADIENTE-PREF C         IGBR7 BZ     307112239     -59872446.9
GRADIENTE EL-PRC         IGBCN BZ     307112239     -59872446.9
HOTEIS OTHON SA          HOOT3 BZ     207664352     -21612890.7
HOTEIS OTHON SA         HOTHON BZ     207664352     -21612890.7
HOTEIS OTHON-PRF         HOOT4 BZ     207664352     -21612890.7
HOTEIS OTHON-PRF        HOTHPN BZ     207664352     -21612890.7
RENAUXVIEW SA            TXRX3 BZ    48951015.5     -73535330.8
TEXTEIS RENAUX          RENXON BZ    48951015.5     -73535330.8
RENAUXVIEW SA-PF         TXRX4 BZ    48951015.5     -73535330.8
TEXTEIS RENAUX          RENXPN BZ    48951015.5     -73535330.8
INEPAR                   INEP3 BZ    1191789041      -214360998
INEPAR SA               INPRON BZ    1191789041      -214360998
INEPAR-PREF              INEP4 BZ    1191789041      -214360998
INEPAR SA-PREF          INPRPN BZ    1191789041      -214360998
INEPAR-COM DVD          INEP11 BZ    1191789041      -214360998
INEPAR BONUS B          INEP12 BZ    1191789041      -214360998
INEPAR-PRF DVD          INEP13 BZ    1191789041      -214360998
PARMALAT                 LCSA3 BZ     388720096      -213641152
PARMALAT BRASIL         LCSAON BZ     388720096      -213641152
PADMA INDUSTRIA          LCSA4 BZ     388720096      -213641152
PARMALAT BRAS-PF        LCSAPN BZ     388720096      -213641152
PARMALAT BR-RT C         LCSA5 BZ     388720096      -213641152
PARMALAT BR-RT P         LCSA6 BZ     388720096      -213641152
MANGELS INDL             MGEL3 BZ     176399866     -61689625.2
MANGELS INDL SA         MISAON BZ     176399866     -61689625.2
MANGELS INDL-PRF         MGEL4 BZ     176399866     -61689625.2
MANGELS INDL-PRF        MISAPN BZ     176399866     -61689625.2
ESTRELA SA               ESTR3 BZ     101429217      -112373470
ESTRELA SA              ESTRON BZ     101429217      -112373470
ESTRELA SA-PREF          ESTR4 BZ     101429217      -112373470
ESTRELA SA-PREF         ESTRPN BZ     101429217      -112373470
MET DUQUE                DUQE3 BZ    75039127.4     -2847420.37
MET DUQUE                MDUON BZ    75039127.4     -2847420.37
MET DUQUE-PREF           DUQE4 BZ    75039127.4     -2847420.37
MET DUQUE-PREF           MDUPN BZ    75039127.4     -2847420.37
WETZEL SA                MWET3 BZ      85449973     -19170318.6
WETZEL SA               MWELON BZ      85449973     -19170318.6
WETZEL SA-PREF           MWET4 BZ      85449973     -19170318.6
WETZEL SA-PREF          MWELPN BZ      85449973     -19170318.6
MINUPAR                  MNPR3 BZ    76619687.5     -91780261.5
MINUPAR SA              MNPRON BZ    76619687.5     -91780261.5
MINUPAR-PREF             MNPR4 BZ    76619687.5     -91780261.5
MINUPAR SA-PREF         MNPRPN BZ    76619687.5     -91780261.5
NOVA AMERICA SA         NOVA3B BZ    21287488.9      -183535526
NOVA AMERICA SA         NOVAON BZ    21287488.9      -183535526
NOVA AMERICA-PRF        NOVA4B BZ    21287488.9      -183535526
NOVA AMERICA-PRF        NOVAPN BZ    21287488.9      -183535526
NOVA AMERICA-PRF        1NOVPN BZ    21287488.9      -183535526
NOVA AMERICA SA         1NOVON BZ    21287488.9      -183535526
RECRUSUL                 RCSL3 BZ    25757600.8     -21626049.7
RECRUSUL SA             RESLON BZ    25757600.8     -21626049.7
RECRUSUL-PREF            RCSL4 BZ    25757600.8     -21626049.7
RECRUSUL SA-PREF        RESLPN BZ    25757600.8     -21626049.7
PETRO MANGUINHOS         RPMG3 BZ     140957879      -410925540
PETRO MANGUINHOS        MANGON BZ     140957879      -410925540
PET MANGUINH-PRF         RPMG4 BZ     140957879      -410925540
PETRO MANGUIN-PF        MANGPN BZ     140957879      -410925540
RIMET                    REEM3 BZ     103098359      -185417651
RIMET                   REEMON BZ     103098359      -185417651
RIMET-PREF               REEM4 BZ     103098359      -185417651
RIMET-PREF              REEMPN BZ     103098359      -185417651
SANSUY                   SNSY3 BZ     164647493      -171565662
SANSUY SA               SNSYON BZ     164647493      -171565662
SANSUY-PREF A            SNSY5 BZ     164647493      -171565662
SANSUY SA-PREF A        SNSYAN BZ     164647493      -171565662
SANSUY-PREF B            SNSY6 BZ     164647493      -171565662
SANSUY SA-PREF B        SNSYBN BZ     164647493      -171565662
SNIAFA SA                 SNIA AR    11229696.2     -2670544.86
SNIAFA SA-B              SNIA5 AR    11229696.2     -2670544.86
PILMAIQUEN             PILMAIQ CI     169175281     -28425493.1
BOTUCATU TEXTIL          STRP3 BZ    27663605.3     -7174512.12
STAROUP SA              STARON BZ    27663605.3     -7174512.12
BOTUCATU-PREF            STRP4 BZ    27663605.3     -7174512.12
STAROUP SA-PREF         STARPN BZ    27663605.3     -7174512.12
TECTOY                   TOYB3 BZ    27114628.6     -8215580.95
TECTOY SA               TOYBON BZ    27114628.6     -8215580.95
TECTOY-PREF              TOYB4 BZ    27114628.6     -8215580.95
TECTOY SA-PREF          TOYBPN BZ    27114628.6     -8215580.95
TEC TOY SA-PREF          TOYB5 BZ    27114628.6     -8215580.95
TEC TOY SA-PF B          TOYB6 BZ    27114628.6     -8215580.95
TECTOY                  TOYB13 BZ    27114628.6     -8215580.95
TECTOY-RCPT PF B        TOYB12 BZ    27114628.6     -8215580.95
TEKA                     TEKA3 BZ     313948165      -395261073
TEKA                    TEKAON BZ     313948165      -395261073
TEKA-PREF                TEKA4 BZ     313948165      -395261073
TEKA-PREF               TEKAPN BZ     313948165      -395261073
TEKA-ADR                 TKTPY US     313948165      -395261073
TEKA-ADR                 TKTQY US     313948165      -395261073
F GUIMARAES              FGUI3 BZ    11016542.2      -151840378
FERREIRA GUIMARA        FGUION BZ    11016542.2      -151840378
F GUIMARAES-PREF         FGUI4 BZ    11016542.2      -151840378
FERREIRA GUIM-PR        FGUIPN BZ    11016542.2      -151840378
VARIG SA                 VAGV3 BZ     966298048     -4695211008
VARIG SA                VARGON BZ     966298048     -4695211008
VARIG SA-PREF            VAGV4 BZ     966298048     -4695211008
VARIG SA-PREF           VARGPN BZ     966298048     -4695211008
WIEST                    WISA3 BZ    34107195.1      -126993682
WIEST SA                WISAON BZ    34107195.1      -126993682
WIEST-PREF               WISA4 BZ    34107195.1      -126993682
WIEST SA-PREF           WISAPN BZ    34107195.1      -126993682
ELEC ARG SA-PREF         EASA6 AR     948261051      -148983927
ELEC ARGENT-ADR           EASA LX     948261051      -148983927
ELEC DE ARGE-ADR         1262Q US     948261051      -148983927
LOJAS ARAPUA             LOAR3 BZ    37959788.7     -3613691912
LOJAS ARAPUA            LOARON BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF         LOAR4 BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF        LOARPN BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF        52353Z US    37959788.7     -3613691912
LOJAS ARAPUA-GDR         3429T US    37959788.7     -3613691912
LOJAS ARAPUA-GDR         LJPSF US    37959788.7     -3613691912
BATTISTELLA              BTTL3 BZ     120474772     -21271905.1
BATTISTELLA-PREF         BTTL4 BZ     120474772     -21271905.1
HOPI HARI SA             PQTM3 BZ     129077627     -2031408.69
HOPI HARI-PREF           PQTM4 BZ     129077627     -2031408.69
PARQUE TEM-DV CM          PQT5 BZ     129077627     -2031408.69
PARQUE TEM-DV PF          PQT6 BZ     129077627     -2031408.69
PARQUE TEM-RT CM         PQTM1 BZ     129077627     -2031408.69
PARQUE TEM-RT PF         PQTM2 BZ     129077627     -2031408.69
PARQUE TEM-RCT C         PQTM9 BZ     129077627     -2031408.69
PARQUE TEM-RCT P        PQTM10 BZ     129077627     -2031408.69
INVERS ELEC BUEN          IEBA AR     239575758     -28902145.8
NEWTEL PARTICIPA        NEWT3B BZ    10517157.2     -10542831.7
NEWTEL PARTICIPA        1NEWON BZ    10517157.2     -10542831.7
MMX MINERACAO            MMXM3 BZ    1223308090      -312940530
TRESSEM PART SA         1TSSON BZ    1223308090      -312940530
CIA PETROLIFERA         MRLM3B BZ     377592596      -3014215.1
CIA PETROLIF-PRF        MRLM4B BZ     377592596      -3014215.1
CIA PETROLIFERA         1CPMON BZ     377592596      -3014215.1
CIA PETROLIF-PRF        1CPMPN BZ     377592596      -3014215.1
PUYEHUE                  PUYEH CI      17878064     -7344408.97
IMPSAT FIBER NET         IMPTQ US     535007008       -17164978
IMPSAT FIBER NET       330902Q GR     535007008       -17164978
IMPSAT FIBER NET         XIMPT SM     535007008       -17164978
IMPSAT FIBER-CED          IMPT AR     535007008       -17164978
IMPSAT FIBER-C/E         IMPTC AR     535007008       -17164978
IMPSAT FIBER-$US         IMPTD AR     535007008       -17164978
IMPSAT FIBER-BLK         IMPTB AR     535007008       -17164978
VARIG PART EM TR         VPTA3 BZ    49432119.3      -399290357
VARIG PART EM-PR         VPTA4 BZ    49432119.3      -399290357
VARIG PART EM SE         VPSC3 BZ      83017828      -495721697
VARIG PART EM-PR         VPSC4 BZ      83017828      -495721697


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2015.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at

                   * * * End of Transmission * * *